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Multicolour Offset Ltd.

BSE: 526387 Sector: Services
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Multicolour Offset Ltd
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Multicolour Offset Ltd. (MULTICOLOUROFF) - Director Report

Company director report

MULTICOLOUR OFFSET LIMITED ANNUAL REPORT 2001-2002 DIRECTORS' REPORT To, The Members, Multicolour Offset Limited Your Directors have pleasure in presenting the Eleventh Annual Report and the Audited Accounts of the Company for the year ended 31st March, 2002. FINANCIAL REVIEW OF THE YEAR The company has not commenced manufacturing operation during the year under review, hence Profit & Loss Account has not been drawn up and considered. STATUS OF THE PROJECT Erection of the main Plant & Machinery are delayed due to the supply of machinery of imprecise nature labelling & no Inspection Certificate with the Machine. The Company has filed detailed and elaborated written statement in a suit filed by the IDBI. THE COMPANY HAS FILED SUITS AGAINST: MAN Roland for compensation, at MRTP commission, New Delhi. IDBI and MAN Roland at Bombay High Court. Krause Bingoach, Germany. BPT for Compensation. Some other cases are also pending which have been defended by the Company. The Company has already gone through initial transaction of papers against MAN Roland at ICC Paris Court. The Company is further Investigating about the filing of cases civil/criminal against MAN Roland even at the German Court. RE-APPOINTMENT OF AUDITORS The Statutory Auditors of the Company M/s. M.V. Damania & Company, Chartered Accountants retire at the ensuing Annual General Meeting of the Company and are eligible for re-appointment. AUDITORS REPORT The observations made in the Auditors Report are Self-explanatory and therefore do not call for any further comments. PERSONNEL There were no employees whose remuneration was in excess of the limits prescribed under Section 217 (2A) of the Companies Act 1956 read with the Companies (Particulars of Employees) Rules 1975. CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION Prescribed information regarding compliance of Rules relating to Conservation of Energy And Technology Absorption is not provided, as the Company has not commenced production. FIXED DEPOSITS The company has not accepted any Fixed Deposits in the year under review. AUDIT COMMITTEE Due to the change in the composition of the Board of Directors by the resignation of all the existing directors and consequent appointment of new directors in the Board of Directors meeting held on 22nd July 2002 and 25th July 2002, the audit committee pursuant to Section 292A of the Companies Act, 1956 had to be reconstituted. The Audit Committee now consist of the following members i.e. Mr. C. Vaz, Mr. Manoj Singh and Mr. Sandeep Shinde. The Audit Committee had duly met four times during the financial year ended 31st March 2002 viz., on 27th July 2001, 24th August 2001, 29th October 2001 & 28th January 2002. REMUNERATION COMMITTEE Pursuant to schedule XIII of the Companies Act, 1956 remuneration committee of the Directors was formed in the Board of Directors meeting of the Company held on 2511 July, 2002 consisting of three non executive independent directors viz., Mr. Manoj Singh, Mr. Sandeep Shinde and Mr.C.Vaz. DIRECTORS RESPONSIBILITY STATEMENT Pursuant to Section 217 (2AA) of the Companies Act, 1956 as inserted vide The Companies (Amendment) Act, 2000 the Directors of the Company hereby confirm that: 1. In the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures 2. The Directors have selected such accounting policies and applied them consistently & made judgements & estimates that are reasonable & prudent so as to give a true & fair view of the state of affairs of the Company at the end of the financial year & of the profit or loss of the Company for that period 3. The Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities 4. The Directors have prepared the annual accounts on going concern basis APPRECIATION The directors wish to place on record their sincere appreciation for the encouragement and co-operation received by the Company from Shareholders, Financial Institutions and employees of the Company. For and on behalf of the Board Rupesh Desai Manoj Singh Director Director Place: Mumbai Date : 20th August, 2002